ON THE LATEST G 'SUITE' TWITTER ACCOUNT HACK AND IT'S CONSEQUENCE ON THE CRYPTOSPACE
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Disclaimer: THIS IS NOT AN INVESTMENT ADVICE.
Yesterday, the Cryptospace lost over 11% in market capitalisation as a result of an alleged hack on Google's 'G Suite' twitter account which was used to execute a Crypto scam and hence resulted in a chain reaction of huge dumps on almost all Cryptocurrency.
Claims have followed on how the Crypto bubble just burst which would lead to the death of Crypto currencies but I have a contrary opinion.
First, let's take a look at why Cryptocurrency cannot go into extinction. The first Cryptocurrency ; Bitcoin which has its creation dated back to 2008 was made as a payment system for deep web transaction to maintain anonymity that the deep web network already boasts of. (For reference on what DEEP WEB is see here https://en.m.wikipedia.org/wiki/Deep_web). Anyone who understands the deep web well would know that the big guys and governments have their major files and datas stored there and most of the dirty deals that ruin our world takes place on the network and it is far larger than the normal internet most people use. Bitcoin and his subordinates cannot go into extinction because the deep web cannot go into extinction except governments want to shut down😉 (call me a conspiracy theorist if you like😀). And just incase you don't know, most stolen funds from governments are stored in Cryptocurrency. Those guys love their cash than you and would do anything to keep it safe.
Secondly, whether anyone likes it or not, Cryptocurrency is here to stay but would sure face challenges as with any other revolution. Some institutional projects are built on the the Blockchain tech behind some Cryptocurrency. Cryptocurrency are now subjects of legislations in nations around the world.
Lastly, as to the recent dip caused by the hack, I have some opinions that posits it as an hoax.
1)Google is acclaimed to be the most secure server in the planet. How come it couldn't secure one of its twitter account? I see 3 possibilities. First being that Google was paid by the institutional bankers to take away the credibility of Cryptocurrency since it was disrupting the normal banking system and making banks poorer and they also know the potentials it has. Secondly, the possibility exists that WHALES make the call for such in order to spread FUD and hence give them chance of acquiring more Cryptocurrency while working towards a bull run. We all know the WHALES could influence both bullish and bearish markets.
Whether my skepticism at the genuiness of the hack is right or wrong, Cryptocurrency is here to stay and remain the future of money.
Stay updated about news in the Cryptospace on my steemit channel (@thatcryptoboss) or on my Telegram channel WORLD CRYPTOCURRENCY UPDATE
https://t.me/worldcryptocurrencyupdate or let's chat on Telegram https://t.me/thatcryptoboss01
CRYPTOCURRENCY IS THE FUTURE👌🏿